Futures Traders: Get FREE daily videos covering today's hottest market
Twenty-five-year commodity market veteran Jim Prince is an expert in the principles of technical trading. Each day Jim reviews the biggest moves in the commodity markets, identifying formations and planking trading strategies. And now, in his free Daily Alert, Jim will share with you his hot pick of the day with an exclusive 3-5 minute video.
With each Daily Alert video Jim reviews first-hand his featured chart of the day, discusses trading strategy, and highlights possible entry and exit points.
Enter your e-mail below to view the latest Daily Alert and receive a complimentary PDF on Cycle Trading techniques to find the right conditions for entering the market.
Soybean futures are trading a penny lower to as much as 10 cents higher this morning. The buying has been in the late 2015 contracts. There was some frost damage in the upper Midwest over the weekend, and traders were looking for lower USDA crop condition ratings. That didn’t happen, as they were UNCH. The Brugler500 Index crop condition rating is at 384. The weekly USDA report showed 24% of the crop is dropping leaves, when the five year average is 32%. By state, some of the laggards include MN at 12% dropping vs. the 37% 5-year average and ND @ 37% compared to 45% average. SD was 28% vs. 56% average, IA @ 13% vs. 36% average. Illinois and Indiana were closer with IL 20% vs. 25% and IN at 33% vs. 41% average. The NOPA soy oil stocks were smaller than expected at 1.214 billion pounds. A 1 billion pound figure would be deemed TIGHT, historically.